Gas prices falling, but will be highest for Thanksgiving in three years

Posted - November 21 201700:07

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Gas prices falling, but will be highest for Thanksgiving in three years

Strong fall consumer gasoline demand has continued into November and is chipping away at national and regional gasoline inventory.

Average gas prices have risen 9 cents in the last month. In Illinois, a gallon costs 59 cents more than in 2016, followed by in, where gas is running 58 cents more than past year.

This increase is despite prices at the pump averaging more than 20 cents higher than last Thanksgiving for regular gas. That's up 3 cents from a month ago and 38 cents higher than a year ago.

"Gas prices spent much of the time in the weeks approaching Thanksgiving by rising when typically, they would be on a sizeable downward trend", said Patrick DeHaan, head of petroleum analysis at GasBuddy.

The price of gasoline has gone down slightly in northern New England.

Still, it's far from the peak Thanksgiving gas price in 2012 - $3.44.

"Some of the lowest prices will be in areas where multiple gas stations are within close proximity of each other, leading to higher competition", Jenkins said. Year-over-year figures illustrate that point.

IN is one of four states to experience price swings of almost 20 cents each way over the last two weeks.

Earlier this month when gas prices jumped, the price of oil had just climbed almost $6.

"It's hard to predict when prices will decline again and too early to predict what prices will look like for December".

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